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Tencent Cloud ā Tencentās cloud computing arm ā is forming a blockchain alliance to further the industrial implementation of the technology.
Tencent Cloud, the cloud computing arm of the Chinese internet giant Tencent, is preparing to bring together 100 organizations this year to establish the InĀdusĀtry Blockchain League.
On June 4, China Banking News reported that the blockchain association will include members from various sectors including enĀterĀprises, inĀdusĀtry asĀsoĀciĀaĀtions, inĀdusĀtry meĀdia, inĀvestĀment orĀganĀiĀsaĀtions, terĀtiary inĀstiĀtuĀtions and think tanks.
Three pillars
The organizations will together work on the collective goal of bringing blockchain standards and conduct research and development for industrial implementation. The group will work in three different committees: a blockchain stanĀdards comĀmitĀtee, a techĀniĀcal comĀmitĀtee and a comĀmerĀcial ecosysĀtem comĀmitĀtee.
The standards committee will work with national regulators, blockchain companies, and entrepreneurs to bring better industry-wide standards in terms of regulations and blockchain development. The technical committee, on the other hand, will handle the planning and creation of technology platforms on the blockchain.
Tencent is leading Chinaās blockchain innovation
Both the Chinese government and industrialists have shown immense interest in blockchain. On April 30, Tencent launched its blockchain accelerator program. On the same day, the government of Anhui, a province in eastern China, also launched a blockchain platform to provide government services.
Tencent recently announced that it would invest $70 billion over the next five years in fintech, blockchain, AI, and cloud computing. The firm ā which is behind the major Chinese messaging app WeChat ā said that the coronavirus crisis was a major catalyst for its decision to invest in emerging technology.
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